In December, the US and China agreed to a “phase one” deal, cancelling planned American tariffs on Chinese goods and reducing those imposed in September — in exchange for Beijing buying US goods. A breakout in optimism over global trade and supportive policies from central banks has supported a “Santa rally” for equity markets in December as investors chased risk assets. As the price of Brent Oil has increased significantly from 61.0$/barrel to 66.0$/barrel the energy sector was among the best performing sectors in the S&P 500 Index. Energy stock holdings had a strong positive contribution. Within the shipping segment VLCC-rates have rallied back to USD 100k/day at the end of December. Tanker stocks have performed well in the fund’s portfolio. On the other hand, overall hedging positions and short positions within the aviation segment have been negative performance contributors. In sum the fund has shown a strong return during the month.
More detailed fund information can be found in the attached Factsheet December 2019.
During the month of December the fund has generated a performance of +4,09% for the USD S-share class and +2,78% for the EURO S-share class.
The overall fund performance since inception on the 22nd of May was at +6,56% for the USD S-share class and +6,72% for the EURO S-share class.
Seahawk Investments GmbH